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Sparekassen Sjælland-Fyn reported Q1 2021 pre-tax profit of DKK 162m, DKK 23m (17%) ahead of our estimate. This was led by loan loss reversals of DKK 15m, DKK 23m better than our estimate. The profit before loan losses was hence in line with our estimate. For the first quarter Sparekassen Sjælland-Fyn met all four of the financial targets in its 'New Ways' strategy. We raise 2021E-23E adjusted EPS by 3-4%. We now estimate 2021 PTP of DKK 427m, just above the top of 2021 guidance of DKK 350-425m. Our new Gordon growth-based fair value range is DKK 124-149 (108-146). Marketing material commissioned by Sparekassen Sjælland-Fyn.
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